The Japanese economy grew 2.2% in the second quarter of this year compared to the same period a year earlier, according to figures published by the Japanese government. The gross domestic product was also 0.5% higher than the first quarter. In that quarter, the economy grew by 0.1% according to a revised figure. This means that the Japanese economy has now grown for three quarters in a row.
In July, American import prices decreased more than expected, according to figures published by the U.S. Department of Labor last Friday. Import prices fell 1.4% on monthly basis, after an increase of 0.3% in June. A decrease of 1.0% was expected. Import prices of fuel fell 7.5% in July, after a 6.2% increase in the previous month. Export prices fell 3.3% month-on-month in July, after rising 0.7% the previous month. On an annual basis, import prices were 8.8% higher and export prices 13.1% higher in July.
China’s central bank on Monday cut its interbank rate, known as the Loan Prime Rate (LPR), to support the Chinese economy. The LPR was lowered by 10 basis points to 2.75% for some banks. China is struggling with the economic consequences of lockdowns, rising commodity prices and a property crisis. A forthcoming re-election of leader Xi Jinping may also have played a role in the decision making, according to market followers. This morning, figures showed that China’s industrial production and retail sales still showed growth in July, but that is not enough to curb unemployment, among other things.
The 6M Euribor decreased with 1 basis point to 0.76% compared to previous business day. The 10Y Swap decreased with 1 basis point to 1.82% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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